{"id":38446,"date":"2021-08-19T03:28:13","date_gmt":"2021-08-19T03:28:13","guid":{"rendered":"https:\/\/www.sisinternational.com\/?page_id=38446"},"modified":"2026-05-06T23:09:59","modified_gmt":"2026-05-07T03:09:59","slug":"%e5%a4%a7%e9%ba%bb%e5%b8%82%e5%a0%b4%e8%aa%bf%e6%9f%bb","status":"publish","type":"page","link":"https:\/\/www.sisinternational.com\/ja\/%e5%b0%82%e9%96%80%e7%9f%a5%e8%ad%98\/%e5%a4%a7%e9%ba%bb%e5%b8%82%e5%a0%b4%e8%aa%bf%e6%9f%bb\/","title":{"rendered":"Cannabis Market Research: Operator Strategy Guide"},"content":{"rendered":"
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Cannabis \u5e02\u5834\u8abf\u67fb<\/a><\/h1>\n
\"SIS<\/figure>\n<\/p>\n

CBD\u3068\u306f<\/h2>\n

CBD \u306f\u30ab\u30f3\u30ca\u30d3\u30b8\u30aa\u30fc\u30eb\u3067\u3001\u30ab\u30f3\u30ca\u30d3\u30b9 \u30b5\u30c6\u30a3\u30d0\u690d\u7269\u306b\u542b\u307e\u308c\u308b\u5316\u5b66\u7269\u8cea\u3067\u3059\u3002\u3053\u306e\u690d\u7269\u306f\u30ab\u30f3\u30ca\u30d3\u30b9\u307e\u305f\u306f\u30d8\u30f3\u30d7\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u3002\u30de\u30ea\u30d5\u30a1\u30ca\u3068\u30d8\u30f3\u30d7\u306f\u5927\u9ebb\u306e 2 \u7a2e\u985e\u3067\u3001\u30de\u30ea\u30d5\u30a1\u30ca\u306b\u306f THC \u304c\u591a\u304f\u3001CBD \u306f\u307b\u3068\u3093\u3069\u3042\u308a\u307e\u305b\u3093\u3002\u79d1\u5b66\u8005\u306f\u30d8\u30f3\u30d7\u3092\u683d\u57f9\u3057\u3066 THC \u306e\u307b\u3068\u3093\u3069\u3092\u9664\u53bb\u3057\u3066\u3044\u307e\u3059\u3002CBD \u306e\u5316\u5b66\u69cb\u9020\u306f\u3001\u6b63\u78ba\u306b\u306f\u300c\u30cf\u30a4\u300d\u306a\u6c17\u5206\u306b\u3055\u305b\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002CBD \u306f\u4ed6\u306e\u65b9\u6cd5\u3067\u8eab\u4f53\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u307e\u3059\u3002\u305d\u306e\u300c\u30cf\u30a4\u300d\u306a\u6c17\u5206\u306f\u300cTHC\u300d\u5316\u5408\u7269\u304b\u3089\u751f\u3058\u307e\u3059\u3002\u5bfe\u7167\u7684\u306b\u3001CBD \u306f\u8eab\u4f53\u306e\u53cd\u5fdc\u3092\u9045\u304f\u3057\u3001\u4f7f\u7528\u8005\u3092\u843d\u3061\u7740\u304b\u305b\u3066\u30ea\u30e9\u30c3\u30af\u30b9\u3055\u305b\u307e\u3059\u3002\u591a\u304f\u306e\u4eba\u304c CBD \u3092\u6297\u708e\u75c7\u5264\u3084\u6297\u9178\u5316\u5264\u3068\u3057\u3066\u4f7f\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u306e global CBD market<\/a> had a value of US$553.7 million in 2020. Experts expect it to increase tenfold over the next few years<\/a>.<\/p>\n

FDA \u306f\u6700\u8fd1\u3001\u30a8\u30d4\u30c7\u30a3\u30aa\u30ec\u30c3\u30af\u30b9\u3092\u627f\u8a8d\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u85ac\u306f\u5927\u9ebb\u304b\u3089\u62bd\u51fa\u3055\u308c\u305f\u521d\u3081\u3066\u306e\u85ac\u3067\u3059\u3002CBD \u3082\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002\u5c0f\u58f2\u5e97\u3067\u306f\u30aa\u30a4\u30eb\u3001\u7d4c\u53e3\u30b9\u30d7\u30ec\u30fc\u3001\u30af\u30ea\u30fc\u30e0\u306e\u5f62\u3067 CBD \u3092\u8ca9\u58f2\u3057\u3066\u3044\u307e\u3059\u3002\u9320\u5264\u3084\u98df\u7528\u3068\u3057\u3066\u3082\u8ca9\u58f2\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

More people are getting into the use of CBD. They seek the benefits without the \u2018high.\u2019 Many parents, \u2018boomers\u2019, and white-collar workers use it. CBD is already legal in many states of America. This fact makes the CBD market an important one in the world.<\/p>\n<\/div>\n

Cannabis Market Research: How Leading Operators Build Defensible Category Positions<\/h1>\n

Cannabis has matured from a regulated novelty into a multi-billion-dollar consumer category with industrial supply chains behind it. The operators winning shelf space, license rounds, and capital allocation are the ones treating it as a packaged goods business with pharmaceutical-grade compliance overlay. Cannabis market research is now the primary instrument they use to make that translation.<\/p>\n

The category rewards precision. State-by-state regulatory variance, vertically integrated license holders, fragmented retail, and compressed wholesale margins make intuition expensive. The firms that scale profitably treat each jurisdiction as a separate market with its own bill of materials, distribution economics, and consumer profile.<\/p>\n

What Cannabis Market Research Actually Measures<\/h2>\n

Serious cannabis market research covers four economic surfaces: consumer demand by form factor, wholesale price compression, license value across jurisdictions, and ancillary supplier economics. Form factor matters because flower, pre-rolls, vapes, edibles, and concentrates each carry distinct margin structures, repurchase cycles, and regulatory exposure. Treating cannabis as one category obscures the fact that vape margins behave nothing like flower margins.<\/p>\n

Wholesale price compression is the defining structural trend in mature markets. Colorado, Oregon, Michigan, and California have all seen pound prices fall sharply as cultivation capacity outran retail demand. Operators who modeled total cost of ownership at the cultivation level, including energy, labor, nutrients, and amortized buildout, retained margin while undercapitalized growers exited. The research question is not what flower costs today. It is where the floor sits when the next license tranche issues.<\/p>\n

License value modeling separates speculators from operators. A New York retail license, a Florida MMTC vertical, and an Ohio dual-use cultivation permit are three different financial instruments. Each requires its own absorption rate forecasting, comparable transaction analysis, and entitlement risk assessment.<\/p>\n

The Industrial Supply Chain Behind the Category<\/h2>\n

Most coverage focuses on dispensaries and brands. The defensible profit pools sit upstream. Extraction equipment, oil-free air compressors for clean-room cultivation, HVAC and dehumidification systems, CO2 supercritical extraction units, automated trimming, and packaging machinery all serve a customer base with industrial purchasing behavior and consumer-cycle demand volatility.<\/p>\n

SIS International Research conducted a North American assessment of oil-free air compressor demand across cannabis and hemp facilities and found that procurement decisions hinge less on equipment specification and more on contamination tolerance, GMP audit readiness, and energy cost per gram of finished product.<\/span> This is the kind of insight that reframes a sales motion. Suppliers selling on horsepower lose to suppliers selling on compliance documentation and operating cost per unit of throughput.<\/p>\n

Hemp-derived CBD, food applications, supplements, personal care, and industrial fiber all draw on the same cultivation and processing base. A supplier sizing the opportunity through cannabis alone underestimates the addressable market by a wide margin. The plant-based industrial stack is the correct unit of analysis.<\/p>\n

Where Conventional Research Falls Short<\/h2>\n

Syndicated cannabis dashboards report retail scan data and license counts. They are useful for trending. They cannot answer the questions a Fortune 500 entrant actually asks: which multi-state operators will consolidate the next wave of single-state licenses, which packaging suppliers have qualified into Curaleaf, Green Thumb Industries, Trulieve, and Verano, and how procurement decisions get made inside vertically integrated operators where cultivation, processing, and retail report to the same P&L.<\/p>\n

The better approach combines structured B2B expert interviews with operators, regulators, and ancillary suppliers, paired with shopper journey analytics at the dispensary level and competitive intelligence on license transactions. In structured expert interviews conducted by SIS with senior procurement and operations leaders across multi-state operators in the United States and Canada, the consistent pattern is that supplier qualification cycles run twelve to eighteen months, and incumbents protect position through compliance documentation rather than price.<\/span> That dynamic alone reshapes a market entry plan.<\/p>\n

The SIS Cannabis Intelligence Framework<\/h2>\n

A practitioner approach to cannabis market research separates the category into four research surfaces, each with its own method and decision output.<\/p>\n

\n\n\n\n\n\n\n\n\n
Research Surface<\/th>\nPrimary Method<\/th>\nDecision It Informs<\/th>\n<\/tr>\n<\/thead>\n
Consumer demand by form factor<\/td>\nShopper journey analytics, CLT and sensory testing<\/td>\nProduct portfolio and pricing<\/td>\n<\/tr>\n
Wholesale and cultivation economics<\/td>\nTotal cost of ownership modeling, supplier qualification audit<\/td>\nVertical integration and sourcing<\/td>\n<\/tr>\n
License and M&A valuation<\/td>\nComparable transaction analysis, regulatory scenario modeling<\/td>\nCapital deployment<\/td>\n<\/tr>\n
Ancillary supplier opportunity<\/td>\nB2B expert interviews, installed base analytics<\/td>\nChannel and product strategy<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Source: SIS International Research<\/em><\/p>\n

Each surface requires different respondents. Consumer work draws on dispensary visitors and lapsed users. Cultivation economics require master growers and facility engineers. License valuation requires capital markets advisors and regulatory counsel. Confusing these populations produces research that reads well and decides nothing.<\/p>\n

What the Best Operators Do Differently<\/h2>\n

Three behaviors separate the operators building durable positions from those chasing quarterly volume.<\/p>\n

They model jurisdictions independently. A national thesis built on state-level economics treats Massachusetts, Missouri, Maryland, and Minnesota as distinct markets with distinct supplier qualification audits, retail formats, and consumer segments. Federal rescheduling will compress some of this variance. It will not eliminate it.<\/p>\n

They invest in voice of customer programs at the dispensary level. Budtender influence on purchase decisions remains the highest-leverage variable in brand share. Operators who run continuous VOC programs with budtenders and shoppers detect form factor shifts months before scan data confirms them.<\/p>\n

They treat ancillary suppliers as strategic partners rather than vendors. The operators with the lowest cost per gram have qualified equipment partners who provide energy benchmarks, GMP documentation, and predictive maintenance data. SIS International’s proprietary research in plant-based industrial markets<\/a> indicates that the cultivation operators achieving the lowest contamination rates and the highest yield per square foot share a pattern of long-term equipment partnerships rather than transactional procurement.<\/span><\/p>\n

Where the Category Goes Next<\/h2>\n
\"SIS<\/figure>\n

Three forces will define the next phase. Federal banking and tax reform in the United States will release capital that has been trapped under 280E, accelerating consolidation among multi-state operators. International medical markets in Germany, Australia, and parts of Latin America will create export demand for GMP-certified cultivation and extraction. Beverage, wellness, and functional ingredient applications will pull cannabinoids into adjacent consumer categories with different distribution and regulatory pathways.<\/p>\n

Each shift creates a research question with a real dollar answer. Cannabis market research that connects category economics to capital allocation, supplier strategy, and product portfolio is what separates Fortune 500 entrants who build a position from those who write off the experiment.<\/p>\n

SIS\u30a4\u30f3\u30bf\u30fc\u30ca\u30b7\u30e7\u30ca\u30eb\u306b\u3064\u3044\u3066<\/h2>\n

SIS\u30a4\u30f3\u30bf\u30fc\u30ca\u30b7\u30e7\u30ca\u30eb<\/a> \u5b9a\u91cf\u7684\u3001\u5b9a\u6027\u7684\u3001\u6226\u7565\u7684\u306a\u8abf\u67fb\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u610f\u601d\u6c7a\u5b9a\u306e\u305f\u3081\u306e\u30c7\u30fc\u30bf\u3001\u30c4\u30fc\u30eb\u3001\u6226\u7565\u3001\u30ec\u30dd\u30fc\u30c8\u3001\u6d1e\u5bdf\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3001\u30a2\u30f3\u30b1\u30fc\u30c8\u3001\u30d5\u30a9\u30fc\u30ab\u30b9 \u30b0\u30eb\u30fc\u30d7\u3001\u305d\u306e\u4ed6\u306e\u5e02\u5834\u8abf\u67fb\u65b9\u6cd5\u3084\u30a2\u30d7\u30ed\u30fc\u30c1\u3082\u5b9f\u65bd\u3057\u307e\u3059\u3002 \u304a\u554f\u3044\u5408\u308f\u305b<\/a> \u6b21\u306e\u5e02\u5834\u8abf\u67fb\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u3054\u5229\u7528\u304f\u3060\u3055\u3044\u3002<\/p>\n

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Related SIS Resources<\/h3>\n